Movement Labs nears completion of $100 million Series B funding

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San Francisco-based Movement Labs is near securing a $100 million Series B funding spherical co-led by CoinFund and Nova Fund.
The contemporary capital will enable Movement Labs to boost its blockchain infrastructure, integrating Facebook’s Move Virtual Machine with Ethereum.

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Movement Labs is nearing completion of a $100 million Series B funding spherical that might worth the blockchain growth agency at roughly $3 billion, Fortune reported Wednesday, citing sources aware of the deal.

The report mentioned {that a} Movement spokesperson confirmed the Series B is underway however declined additional remark.

CoinFund and Nova Fund, half of Brevan Howard’s digital belongings division, will co-lead the spherical, which is anticipated to shut by the tip of January. Investors will obtain a mixture of fairness and Movement’s Move token, with an emphasis on the token part, one supply mentioned.

The announcement comes after Movement Labs secured $38 million in a Series A spherical final April. The spherical was led by Polychain Capital, with participation from Hack VC, dao5, and Robot Ventures.

Founded by Gen Z entrepreneurs Cooper Scanlon and Rushi Manche, the San Francisco-based growth staff is concentrated on making a layer 2 blockchain on Ethereum utilizing Move, a programming language initially developed for Facebook’s Diem venture.

Movement’s cofounders have positioned their platform as a layer 2 answer that enables builders to make use of the Move programming language whereas leveraging Ethereum’s ecosystem, distinguishing it from standalone Move-based chains like Aptos and Sui.

The platform’s beta mainnet went dwell final month, alongside its MOVE token, which presently trades on main exchanges together with Binance and Coinbase.

The token’s market cap peaked at $2.7 billion following its launch however has since declined, presently sitting at round $2 billion, CoinGecko information exhibits.

MOVE’s market cap

The funding spherical comes amid renewed investor curiosity in crypto belongings, with rivals additionally securing substantial capital. Monad and Berachain not too long ago introduced funding rounds of $225 million and $100 million, respectively.

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